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:: pp'd Code No. 141. Amendment No. 1.
NATIONAL RECOVERY "
Registry No. 1707-04
CODE OF FAIR COMPETITION
AS APPROVED ON 'FEBRUARY 1, 1934
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Approved Code No. 141. Amendment No. 1
AMENDMENT TO CODE OF FAIR COMPETITION
As Approved on February 1, 1934
APPROVING MODIFICATION OF THE CODE OF FAIR
An application having been duly made pursuant to and in full
compliance with the provisions of Title I of the National Industrial
Recovery Act, and particularly with Section 10 (b) thereof, ap-
proved June 16, 1933, for approval of a modification of a Code
of Fair Competition for Investment Bankers, and the annexed re-
port on said modification, containing findings with respect thereto,
having been made and directed to the President:
NOW, THEREFORE, on behalf of the President of the United
States, I, Hugh S. Johnson, Administrator for Industrial Recovery,
pursuant to authority vested in me by Executive Orders of the
President, including Executive Order No. 6543-A, dated December
30, 1933, and otherwise; do hereby incorporate, by reference, said
annexed report and do find that said modification and the Code as
constituted after being modified comply in all respects with the
pertinent provisions and will promote the policy and purposes of
said Title of said Act, and do hereby order that said modification
be and it is hereby approved, and that the previous approval of said
Code is hereby modified to include an approval of said Code in its
entirety as modified.
HUGH S. JOHNSON,
Administrator for Industrial Recovery.
A. D. WHITESIDE,
February 1, 1934.
The WhitV/ House.
SIR: This is a report on a modification of the Code of Fair
Competition for Investment Bankers, increasing the membership
of the Investment Bankers Code Committee from five members
representing Investment Bankers to twenty-one such members.
The Assistant Deputy Administrator in his fMial report to me on
said modification of said Code, having found as herein set forth
and on the basis of all the proceedings in this matter:
I find that:
(a) The modification of said Code and the Code as modified are
well designed to promote the policies and purposes of Title I of
the National Industrial Recovery Act including the removal of
obstructions to the free flow of interstate and foreign commerce
which tend to diminish the amount thereof, and will provide for
the general welfare by promoting the organization of industry
for the purpose of cooperative action among trade groups, by
inducing and maintaining united action of labor and management
under adequate governmental sanction and supervision, by elimi-
nating unfair competitive practices, by promoting the fullest possible
utilization of the present productive capacity of industries, by avoid-
ing undue restriction of production (except as may be temporarily
required), by increasing the consumption of industrial and agricul-
tural products through increasing purchasing power, by reducing
and relieving unemployment, by improving standards of labor, and
by otherwise rehabilitating industry.
.(b) The Code as modified complies in all respects with the perti-
nent provisions of said Title and said Act, including without limita-
tion Subsection (a) of Section 3, Subsection (a) of Section 7, and
Subsection (b) of Section 10 thereof.
(c) The Investment Bankers Association of America was and is
truly representative of the Investment Bankers and that said Associ-
ation imposed and imposes no inequitable restrictions on admission to
membership therein and has applied for or consents to this modifi-
(d) The modification and the Code as modified are not designed
to and will not permit monopolies or monopolistic practices.
(e) The modification and the Code as modified are not designed to
and will not eliminate or oppress small enterprises and will not
operate to discriminate against them.
(f) Those engaged in other steps of the economic process have not
been deprived of the right to be heard prior to approval of said
(g) The enlargement of membership on the Investment Bankers
Code Committee is desirable and will result in the Committee being
more representative of Investment Bankers, as a whole, by making it
possible to have representatives thereon from all parts of the country.
For these reasons this modification has been approved.
HUGH S. JOHNSON,
FEBRUARY 1, 1934.
AMENDMENT TO CODE OF FAIR COMPETITION
Modification of Section 1, Article III:
To cooperate with the Administrator in the administration of this
Code there is hereby constituted an Investment Bankers Code Com-
mittee. Such Committee shall consist of fifteen members appointed
by the President of the Investment Bankers Association of America;
six members chosen by a fair method approved by the Administrator
to represent employers not members of the Investment Bankers
Association of America; and a representative or representatives with-
out vote appointed by the Administrator. The twenty-one voting
members of the said Committee shall be appointed or chosen from
Approved Code No. 141. Amendment No. 1.
Registry No. 1707-04.
UNIVERSITY OF FLORIDA
3 1262 08585 3140